DBS launches treasury tokens with Ant International for cross-border liquidity management

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The project on DBS’ blockchain will enable Ant International to use the digital token to achieve instant, multicurrency treasury management across multiple markets

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DBS’ automated teller machines (ATMs) in Singapore on March 31, 2022. Photo: Reuters

Aileen Chuang

Published: 6:00am, 14 Aug 2024

DBS, Singapore’s largest banking group, has launched a treasury token pilot project with Ant International to improve cross-border treasury and liquidity management.

The project, which operates on DBS’ permissioned blockchain, will enable Ant International, the operator of the widely used mobile payment service Alipay+, to use the digital token to achieve instant, multicurrency treasury and liquidity management for their entities across multiple markets, the bank said in an announcement on Tuesday.

Additionally, DBS’ blockchain is integrated with Ant International’s Whale platform, a global treasury management solution for clients that use blockchain and artificial intelligence (AI) to improve the efficiency and transparency of fund movements between bank accounts. Ant International is an affiliate of Alibaba Group Holding, owner of the South China Morning Post.

The DBS treasury token is helpful for large companies like Ant International to reduce the settlement of intragroup transactions “from potentially days to seconds”, the bank said. It will give corporate treasurers greater visibility, predictability and control over the cash positions of different entities.

The DBS project originates from its participation in the Monetary Authority of Singapore’s tokenisation drive. Photo: Bloomberg

“This new capability comes at a time when the treasury needs of businesses are evolving to meet the rise of e-commerce and on-demand services on a 24/7 basis,” said Lim Soon Chong, group head of global transaction services at DBS.